TODAY.AZ / Business

ADB to ratify allocation for road construction in Azerbaijan by autumn

10 April 2014 [14:42] - TODAY.AZ
By AzerNews

The Asian Development Bank (ADB) plans to approve another loan for the construction of highways in Azerbaijan by September 2014.

The loan is worth $250 million, the ADB announced on April 7.

ADB intends to provide Azerbaijan with a second loan as part of the new multi-trance financing for road construction (MFF) known as Second Road Network Development Investment Program by autumn.

Under the business plan for ADB's operations in Azerbaijan for 2014-2016 approved in February, $150 million with a total project cost of $200 million is planned to be spent for the construction of the Salyan-Jalilabad road.

Along with discussing the conditions of the new loan, ADB is assisting the Azerbaijani government to conduct research in transport management, road safety, road construction, and design standard development, the bank said.

ADB and Azerbaijan will discuss an opportunity for the bank's granting of the third MFF this week, the bank noted.

ADB Transport Specialist Balabhaskara Reddy Bathula who will visit Baku will take part in the negotiations.

The bank plans to render technical assistance in the amount of $1 million to prepare the third MFF in 2016.

Established in 1966, the ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

The bank is owned by 67 members, including 48 from the region. ADB's assistance in 2012 totaled $21.6 billion, including co-financing $8.3 billion.

Azerbaijan's share in the bank's capital is 0.5 percent.

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